Repossession order denied after couple find letter error

A couple who discovered an error in Bank of Scotland’s sale of their €170,000 mortgage to US-owned vulture fund Tanager Limited, smiled as they left court yesterday after a judge threw out Tanager’s bid to take back their home.

Judge Jacqueline Linnane’s decision to strike out Tanager’s repossession proceedings in the Circuit Civil Court may have a serious knock-on effect for Tanager’s attempts to take back other homes where mortgages are in arrears.

Tanager Limited, of Clanwilliam Square, Grand Canal Quay, Dublin, is a private equity fund that snapped up more than 2,000 distressed home loans at discount rates from Bank of Scotland Ireland after its cross-border merger in 2010. More than 90% of the loans were two years or more in arrears.